News listings

energy-pedia farmouts/divestments

Nigeria flagNigeria

Middle East / Africa >>> Nigeria

Nigeria: San Leon Energy announces extension and update to investment in the Oza field, Nigeria


03 May 2022

Photo - see caption

San Leon Energy, the independent oil and gas production, development and exploration company focused on Nigeria, has announced the following extension to the timing of its follow-on investment in the Oza oil field in Nigeria.

On 27 January 2022, San Leon announced certain amendments to the terms of its investment in Oza which included an option to provide a further loan of US$2.0 million to Decklar by 30 April 2022 to increase its shareholding in Decklar Resources from 11.5% to 15% (or otherwise accept the pro rata reduction in its shareholding to 11.5%).  San Leon and Decklar have now agreed to extend the time period for providing this loan to 30 June 2022 on the basis that San Leon's further loan will increase to US$2.5 million.  This increased loan will continue to be made via 10% per annum unsecured subordinated loan notes of Decklar on the same repayment terms as originally announced on 1 September 2020.  Furthermore, the extension gives San Leon additional time to assess the fundamentals of Oza, given that Decklar Resources Inc has today made an announcement that notes that the re-entry of the Oza-1 well in the Oza oil field in Nigeria has converted several hydrocarbon zones from contingent resources to reserves, prior to San Leon deciding whether to take up the option.

The extension also enables completion of San Leon's proposed further investment in Oza to be more in line with the proposed timing for the entering into of binding conditional transaction documentation in relation to the proposed reorganisation to consolidate Midwestern Oil and Gas Company's shareholdings in: i) the Company; and ii) Midwestern Leon Petroleum into a single shareholding in the Company, which also comprises, inter alia, a proposed consolidation of Midwestern's indirect debt and equity interests in Energy Link Infrastructure (Malta) ('ELI') with those of the Company, as well as further new debt and new and existing equity investments to be made by San Leon in ELI, updated details of which were most recently announced on 29 April 2022.  All other terms of the Company's investment in Oza remain unchanged.

Original article link

Source: San Leon Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 305

Completed Deals

Completed Upstream Deals: 6280

Company Profiles

Current Company Profiles: 2823

Corporate Activity

Current Corporate Activity articles: 3887

Companies Looking

Current number of articles: 453

Company Sales

Current Company Sales articles:1533

Geostudies

Current Geostudies articles: 856

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Government of South Australia
Union Jack Oil 149
OPC
Syntillica
Borchwix
KL Publishing
SLR Consulting logo
energy365
Bayphase
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com